Your brand is the single most important investment you can make in your business.
Deciding if your business needs a rebrand isn’t a whimsical one. Whatever the history of your business, rebranding can have negative and positive implementations to your work. To help you decide if now is the right time, we look at the top reasons your business may need a rebrand;
Reach a new demographic
It’s easy to position your business in a box, especially if you’ve been around a while. Use a rebrand to break away from stereotypes and open new channels. You can consider colour, typeface and layout to increase the aesthetics of your business and become more inclusive of your markets.
Repair your reputation
There will be times where your brand has negative connotations in the public eye, be it in or out of your control. In this instance, a rebrand can be applied to help you regain control of your identity.
Reclaim your identity
There’s a possibility that your success will drive competitors into your market. Cheaper alternatives and poor-quality imitations can all effect your reputation and association with certain consumer types. This in turn can affect the profile of your business. Rebranding can help you break out from the associated markets and allow you to reclaim the market and your identity.
With a rebrand can come great publicity. This increased attention can drive sales in the short term. If done well you can then prolong the buzz, because people learn to fall in love with your brand and its fresh new look.
Merger and acquisition of other businesses
Potentially one of the best times to rebrand, as you launch a ‘new’ business. A common approach to this style rebrand, takes elements from each of the merging companies to create a new brand.
Change in company mission statement
When your business started, you set yourself some goals and chances are you’ll realise these goals are unachievable, or (better yet) you’ve outgrown them. At this stage rebrand your business to show your customers you’ve grown and that your services, products, engagement and availability have improved.
You’ve fallen behind the times
Having some fresh eyes look over your business can help rejuvenate sales. Companies like Starbucks, BMW and Apple continuously evolve to stay with trends and fashions. As a small business you can still do the same to stay relevant.
Attract top talent
Let’s face it, the best talent wants to work with the best brands. If you’re struggling to fill vacant positions with quality personnel a rebrand should be on the cards. In this instance, we suggest constructing surveys to elicit how likely a subject would like to work at your company and why. The results will no doubt surprise you.
Launch a new product
By selling dissimilar products under a single umbrella can muddle your brand and cause confusion. Prior to launching new products, you should always consider unique branding. It’s all about making it as easy for consumers as possible.
Change in customer need
In business there are times when your market dictates the need for change, and this is often triggered by technological advancement. It’s survival of the fittest out there so make sure you adapt before you get left behind.